As we have cautioned repeatedly, however, until larger Intermediate Cycle is definitively ended, we must regard all short-term pullbacks as merely corrections in that larger cycle trend.

Index

Price Channel Stops (10-Bar MAs of Highs/Lows )

Weekly

Monthly

4/22

4/23

4/24

4/25

4/26

4/26

4/30

S&P 500 Index

BUY1582.43

BUY1582.07

BUY1581.54

BUY1577.28

BUY1573.44

SELL1513.68

SELL1349.76

Dow Jones Industrials

BUY14782.57

BUY14787.00

BUY14789.13

BUY14770.56

BUY14733.98

SELL14038.80

SELL12653.67

NASDAQ Composite

BUY3271.91

BUY3272.63

BUY3268.14

BUY3259.71

BUY3250.98

SELL3163.27

SELL2882.50

Value Line Index

BUY3535.13

BUY3528.46

BUY3522.30

BUY3507.84

BUY3495.71

SELL3409.09

SELL2859.75

Note: Stop levels, a function of the extant trend, are based on the trailing moving average price channels for the Highs or the Lows of an index. Whether or not a specific index is suggesting a “Buy” or Sell” is determined by whether or not index prices are above or below the current channel Stop levels. Stop levels should only be used as an entry or exit guide and in conjunction with other market entry and exit strategies.